1985-263A22
HRA RESOLUTION N0. 263 A
.____..
Resolution Authorizing Sale of the Properties at
920 and 924 W. 66th Street, Execution of Rae
Znd Addition Plat and Rae Homeowners Association Documents
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (hereafter referred to as the
HRA) owns certain real properties located at 920 and 924 W. 6bth
Street and legally 'described as:
Lot 2 and Lot 1, Block 1, Rae 2nd Addition,
Hennepin County, respectively, and
WHEREAS, South Hennepin Vocational Technical Center (Vo-
Tech) has constructed a two-unit townhouse type structure on
this parcel and because additional two unit structures are
planned on property adjacent to this site; and
WHEREAS, eligible purchasers for 920 and 924 W. 66th Street
have been identified, are currentiy renting the units, and are
likely to be eligible For a mortgage commitment following review
by a lender and the Minnesota Housing Pinance~Agency; and
WHEREAS, a purchase agreement must be executed by the HRA;
and
WHEREAS, the HRA has held a public hearing, giving public
' notice, concerning the sale of the properties identified above;
and
WHEREAS, the Planning Commission has determined the sale to
be in conformance with the Comprehensive Plan of the city; and
WHEREAS, the' condition of sale For q20 and 924 W. 6bth
Street include specific program and income requirements and an
initial sales price of $60,000 for each unit and a second lien
payable to the HRA of $22,000 for 920 W. 66th Street and $22,900
for 924 W. 66th Street; and
WHEREAS, the properties at 920/924 W. 66th Street and
the adjoining properties at 901/903 Rae Drive, 910 W. 66th
Street and 1016 W. 66th Street have been surveyed and platted as
Rae 2nd Addition; and
WHEREAS, this plat must be approved by the HRA in order to
obtain approval by the City Council, filing of the plat at the
Registrar of Titles of Hennepin County, and the sale of 920 and
924 W. 66th Street; and
1
-2- ,
WHEREAS, relevant documents for an ownership association
have been developed to ensure the proper management and
maintenance of the properties identified in the plat; and
WHEREAS, these documents, an Articles of Incorporation and
By-Laws of the Rae Homeowner Association, Inc, and Declaration
of Covenants, Conditions, Restrictions and Easements for Rae
Twin Homes have been reviewed by legal counsel and the HRA; and
WHEREAS, these documents must be executed by the HRA .and
properly filed and the Board of Directors and Officers of the
Association must take actions prior to the sale of 920 and 924
W. 66th Street.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelap~nt Authority-of Richfie~.d, Minnesota:
1. that the properties located at 920 and 924 W. 66th
Street may be sold in accordance with the conditions
of sale;
2. that the HRA Chairmana and Executive Dipecter~may
execute the plat of Rae 2nd Addition;
3. that the HRA Chairman and Executive Director may
execute the Articles of Incorporation of Rae
Homeowners Association, Inc.; By-Laws of Rae
Homeowners A.sso~aiations, Inc.,; and Declaration
of Covenants, Conditions, Restrictions, and
Easements for Rae Twin Homes; and,
4. that the HRA Chairman, Executive Director and
staff m®bers, Bruce Nordquist and Marcia Hale
may act as Directors and Officers of the Rae
Homeowners Association on behalf of the HRA.
Passed by the Housing and Redevelopment Authority in and for
the City of Richfield this 15th day of July, 1985.
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omas arms, airman
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